KULR Technology Group Sells All 764 Bitcoin Holdings, Ends BTC Financial Strategy

KULR Technology Group, a U.S.-listed company ($KULR), has sold all of its approximately 764 Bitcoin (BTC) holdings. The company's Bitcoin holdings have now dropped to zero, effectively ending its Bitcoin financial strategy.

In an 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC) on September 11, KULR disclosed that it sold approximately 764 BTC through public market transactions between August 20 and September 11 at an average price of $76,633 per coin, totaling about $58.6 million (approximately 78.7 billion won). The sale was conducted with unrelated third parties, and specific details regarding acquisition cost, realized gains or losses, and the exact use of proceeds were not disclosed.

KULR had previously reduced its Bitcoin holdings. Between July 9 and July 23, the company sold approximately 333 BTC at an average price of $64,538 for about $21.5 million (approximately 28.9 billion won). Of this amount, $20 million (about 26.9 billion won) was used to fully repay a Coinbase Credit loan.

Michael Mo, CEO of KULR Technology Group, stated during the company's second-quarter earnings call on August 13 that the board and management decided to sell Bitcoin holdings to focus the balance sheet on operating business activities. He explained that holding Bitcoin increased volatility in the balance sheet and financial results, and that simplifying digital asset positions was necessary to concentrate capital on core battery business operations.

The company had previously ended Bitcoin mining and used proceeds from sales to repay loans before reducing holdings further. KULR announced a financial strategy in December 2024 allowing up to 90% of excess cash to be allocated to Bitcoin, which it followed by concurrently purchasing Bitcoin and operating mining operations. However, starting in Q2 2026, the company ceased mining and shifted focus to loan repayment and reducing holdings.

A Bitcoin financial strategy refers to a capital management approach where companies hold portions of cash or excess cash as Bitcoin. While price appreciation can generate unrealized gains, significant price declines can increase volatility in financial statements. KULR noted during its second-quarter earnings that fluctuations in the fair value of held Bitcoin created non-cash losses that made it difficult to assess battery business performance.

This sale is presented as a measure to reduce such volatility and concentrate capital on operational business activities. Previous reports have highlighted cases where corporate Bitcoin holdings increased financial statement volatility. The company's decision to hold Bitcoin as a financial asset can impact results not only through the quantity held but also through valuation methods and financing structures.

However, this filing does not indicate an indefinite prohibition on repurchasing Bitcoin. No future repurchase plans or schedules were included in the disclosure. It was also not disclosed how the proceeds from the sale would be allocated among battery business investment, debt repayment, or acquisitions.